CBRE Arranges $57 Million Refinancing for Brook Highland Plaza in Birmingham, Alabama

CBRE has secured a $57 million refinancing for Brook Highland Plaza, a 422,337-square-foot, grocery-anchored power center located along U.S. Highway 280 in Birmingham, Alabama. The loan was provided by a Life Company Lender on behalf of First National Realty Partners (FNRP), the property’s owner.

CBRE’s Debt & Structured Finance team in Atlanta, of Richard Henry, Mike Ryan, Brian Linnihan, and Taylor Crowder, arranged the financing on behalf of FNRP.

Brook Highland Plaza is a high-performing retail destination situated in one of Birmingham’s most prominent and affluent corridors. The center is 94.4% leased and features a strong lineup of national and regional tenants, including Sprouts Farmers Market, Best Buy, Burlington, HomeGoods, Michaels, Shoe Station, and Ashley Home Furniture. The property spans 52 acres and offers more than 2,100 parking spaces.

“The property’s exceptional location, diverse tenant mix, and consistent performance made it an attractive financing opportunity,” said Henry. “We are pleased to deliver a solution that supports our client’s long-term investment strategy.”

The refinancing comes as Birmingham continues to demonstrate robust retail fundamentals. The metro area boasts an 87.6 million-square-foot retail market with vacancy rates below 5% for more than a decade. The Hwy 280/Shelby County submarket, where Brook Highland Plaza is located, is among the region’s strongest, with a vacancy rate of just 3.5% and rent growth of 4.1% over the past year.